Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Bitcoin Mining Council to Counter ‘Misinformation’ on BTC's Environmental Impact

Bitcoin Mining Council to Counter ‘Misinformation’ on BTC's Environmental Impact

MicroStrategy CEO Michael Saylor‘s remark “We are not trying to fix bitcoin”, on Wednesday at a meeting of the new Bitcoin Mining Council (BMC) seemed to summarize of what the event held on Twitter Spaces and attended by more than 7,000 listeners, was trying to achieve.

The latest meeting became platform for bitcoin industry representatives to voice their opinion on the claims that bitcoin mining is bad for the environment.

Perianne Boring, president of the Chamber of Digital Commerce commented:

“One thing that fuels public policy is the narratives in the media. Headlines drive conversations in Washington as well as in the states and in public policy circles.

We really sounded the alarm towards the end of 2020 when we saw a huge outtake in negative reporting of bitcoin mining. A lot of it is not intellectually honest. When you have a number of stories and headlines, misinformation, false narratives, we will see reactions to that from a policy perspective.”

According to Saylor the Bitcoin Mining Council’s job is to provide a “sharing, cooperative and informative space [from which] people can learn the benefits of bitcoin mining.”

Not having that “informative space” – or reading the headlines – has prompted politicians to move against the cryptocurrency, said the MicroStrategy CEO.

Saylor continued:

“Bitcoin has external threats.

The threat is not bitcoiners talking to each other. The threat is people that don’t understand bitcoin.”

Information about the council first was revealed by Tesla CEO Elon Musk. After Tesla suspended BTC payments for its products due to environmental concerns after enabling them just months prior.

As many debated why the tech mogul would go all-in on bitcoin, enabling payments and adding the crypto to Tesla’s balance sheet without further looking into the energy expenditure mainstream media narrative, Saylor formed the council and invited Musk to speak with industry players.

The Bitcoin Mining council has since then cut ties with Elon Musk, explaining “the extent of his involvement was joining an educational call with a group of North American companies to discuss Bitcoin mining.”

The council has taken a more informational angle rather than positioning itself as a self-regulatory organization that could possibly assuage regulatory concerns. As the BMC says on its website: “The BMC is not designed to have ‘teeth’ or tell anyone what to do.”

Source: Mining Council to Counter ‘Misinformation’ on BTC's Environmental Impact – Fintechs.fi

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Global Cruise Industry Posts Dramatic Comeback with 34.6 Million Passengers in 2024
U.S. Demands Brussels Scrutinize Digital Rules to Prevent Bias Against American Tech
Private Equity’s Fundraising Surge Triggers Concern of European Market Shake-Out
Tokyo’s Jimbōchō Named World’s Coolest Neighbourhood for 2025
European Officials Fear Trump May Shift Blame for Ukraine War onto EU
The Personality Rights Challenge in India’s AI Era
Italy Considers Freezing Retirement Age at 67 to Avert Scheduled Hike
Italian City to Impose Tax on Visiting Dogs Starting in 2026
Study Finds No Safe Level of Alcohol for Dementia Risk
Trump Says Ukraine Can Fully Restore Borders with NATO Backing
Europe Signals Stronger Support for Taiwan at Major Taipei Defence Show
Germany Weighs Excluding France from Key European Fighter Jet Programme
Cyberattack Disrupts Check-in and Boarding Systems at Major European Airports
Björn Borg Breaks Silence: Memoir Reveals Addiction, Shame and Cancer Battle
When Extremism Hijacks Idealism: How the Baader-Meinhof Gang Emerged and Fell
JWST Data Brings TRAPPIST-1e Closer to Earth-Like Habitability
Trump Orders $100,000 Fee on H-1B Visas and Launches ‘Gold Card’ Immigration Pathway
France’s Looming Budget Crisis and Political Fracture Raise Fears of Becoming Europe’s “Sick Man”
Three Russian MiG-31 Jets Breach Estonian Airspace in ‘Unprecedentedly Brazen’ NATO Incident
European manufacturers against ban on polluting cars: "The industry may collapse"
Turkish car manufacturer Togg Enters German Market with 5-Star Electric Sedan and SUV to Challenge European EV Brands
Christian Brueckner Released from German Prison after Serving Unrelated Sentence
World’s Longest Direct Flight China Eastern to Launch 29-Hour Shanghai–Buenos Aires Direct Flight via Auckland in December
New OpenAI Study Finds Majority of ChatGPT Use Is Personal, Not Professional
The conservative right spreads westward: a huge achievement for 'Alternative for Germany' in local elections
Pope Leo Warns of Societal Crisis Over Mega-CEO Pay, Citing Tesla’s Proposed Trillion-Dollar Package
Poland Green-Lights NATO Deployment in Response to Major Russian Drone Incursion
U.S. and China Agree on Framework to Shift TikTok to American Ownership
Le Pen Tightens the Pressure on Macron as France Edges Toward Political Breakdown
Czech Republic signs €1.34 billion contract for Leopard 2A8 main battle tanks with delivery from 2028
Penske Media Sues Google Over “AI Overviews,” Claiming It Uses Journalism Without Consent and Destroys Traffic
Indian Student Engineers Propose “Project REBIRTH” to Protect Aircraft from Crashes Using AI, Airbags and Smart Materials
One in Three Europeans Now Uses TikTok, According to the Chinese Tech Giant
Could AI Nursing Robots Help Healthcare Staffing Shortages?
NATO Deploys ‘Eastern Sentry’ After Russian Drones Violate Polish Airspace
The New Life of Novak Djokovic
German police raid AfD lawmaker’s offices in inquiry over Chinese payments
Volkswagen launches aggressive strategy to fend off Chinese challenge in Europe’s EV market
France Erupts in Mass ‘Block Everything’ Protests on New PM’s First Day
Poland Shoots Down Russian Drones in Airspace Violation During Ukraine Attack
Apple Introduces Ultra-Thin iPhone Air, Enhanced 17 Series and New Health-Focused Wearables
Macron Appoints Sébastien Lecornu as Prime Minister Amid Budget Crisis and Political Turmoil
Vatican hosts first Catholic LGBTQ pilgrimage
Apple Unveils iPhone 17 Series, iPhone Air, Apple Watch 11 and More at 'Awe Dropping' Event
France joins Eurozone’s ‘periphery’ as turmoil deepens, say investors
France Faces New Political Crisis, again, as Prime Minister Bayrou Pushed Out
Nayib Bukele Points Out Belgian Hypocrisy as Brussels Considers Sending Army into the Streets
France, at an Impasse, Heads Toward Another Government Collapse
The Country That Got Too Rich? Public Spending Dominates Norway Election
EU Proposes Phasing Out Russian Oil and Gas by End of 2027 to End Energy Dependence
×